'I Will Keep Supporting Dogecoin'- Musk Tweets Post Allegations Of Running Pyramid Scheme

Elon Musk-Tesla and SpaceX CEO has been facing a rough patch for some time now. Earlier as reported, he was sued for running a pyramid scheme that supported the memecoin-Dogecoin by a Dogecoin investors. The claims made were to the tune of $258 billion. Now, post the allegation, he has tweeted, "I will keep supporting Dogecoin."

'I Will Keep Supporting Dogecoin'- Musk Tweets Post Allegations Of Running Pyramid Scheme

The complaint as accessible by news agency Reuters said, "Musk used his pedestal as World's Richest Man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement." It also collated comments from Warren Buffett, Bill Gates, and others who questioned cryptocurrency as an asset.

In the tweet thread, one of the individual suggested to 'keep it buying then', to which Elon Musk replied with a 'I am'.

Further lending support to cryptocurrencies, Dogecoin creator Shibetoshi Nakamoto said, "If Dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, commodities market, and monetary system itself. Let's sue Alexander Hamilton." "Cryptocurrency has an incredible amount of stupid stuff around it, but that's all just related to how incredibly stupid people are. Cryptocurrency itself is just a protocol and a shared database", he adds.

After continued sell-off in the crypto space, there is a rebound seen, with Dogecoin trading higher by a tad 0.95% at the time of writing this copy at 3:53 pm (IST). And has since the tweet by Elon Musk has inched higher by a significant percentage.

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